New Delhi [India], May 29 (ANI-NewsVoir): India’s largest multinational flexible packaging materials and solution company Uflex Limited has declared the earnings for the Quarter ended 31 March 2018. Also Read - Lalu Yadav Under Observation At AIIMS, Nitish Kumar Wishes Him Speedy Recovery
The Consolidated Total Revenue for Q4 FY 2017-18 stood at Rs. 1815.6 Crore as compared to Rs. 1625.7 Crore in the last quarter of the previous fiscal thereby registering a 12% growth. At the operating level, EBITDA for the Quarter ended 31 March 2018 stood at Rs. 229.3 Crore as compared to the Quarter ended 31 March 2017 when it was Rs. 225 Crore thereby up by 2%. The Consolidated Net Profit for Q4 FY 2017-18 at Rs. 71.1 Crore dropped by 28% w.r.t. the same quarter in the previous fiscal. This is primarily due to increased depreciation cost on account of commissioning of Aseptic Packaging Plant and higher tax outgo. Also Read - Nirmala Sitharaman Hosts Halwa Ceremony Ahead of Budget 2021 | Here's All You Need to Know
Consolidated Top Line for FY 2017-18 stood at Rs. 6720.5 Crore recording a 9% Y-O-Y growth. EBITDA for the fiscal ended 31 March 2018 remained more-or-less muted at Rs. 902.6 Crore. During FY 2016-17 the EBITDA stood at Rs. 898.9 Crore. Consolidated Net Profit for FY 2017-18 has been Rs. 310.5 Crores as compared to Rs. 348.5 Crore in FY 2016-17. Also Read - AAP MLA Somnath Bharti Sentenced to Two Years in Jail For Assaulting Security Staff at AIIMS
While approving and adopting the audited annual accounts for the FY 2017-18, the Board has recommended Dividend of 20% subject to approval by the shareholders of the company.
Talking about the numbers for the whole FY 2017-18 Mr. Rajesh Bhatia, Global CFO, Uflex Limited said, “The tangible volumes are perfect and most reliable growth indicators for Flexible Packaging Industry. We produced more and sold more in FY 2017-18. The total production volume has been up by 8.5% in FY 2017-18. The total sales volume has also echoed the same trend and has been up by 8.6% in FY 2017-18 when compared to the previous fiscal. Talking individually about Films segment, the sales volumes grew by 8% in FY 2017-18. While for the Packaging segment the sales volumes grew by 12% in FY 2017-18. Aseptic Packaging, which was commissioned during FY 2017-18 is gradually ramping up and we are already supplying to more than 12 customers. The trial runs are ongoing with some of the large customers and will surely culminate into sales in the current financial year.”
In an official document released soon after the Earnings were declared, Chairman & Managing Director, Uflex Limited, Mr. Ashok Chaturvedi said, “As I reflect upon the last financial year, I am filled with a sense of joy about the path-breaking flexible packaging innovations that our engineers came up with. These innovations are progressive and bring real value to the businesses of our clients spread across the globe. Particularly noteworthy have been the innovations made in developing specialty films customized to plug specific need-gaps in the identified markets. Nothing is more gratifying to me than receiving calls from my clients about how our packaging solutions are bringing about positive changes in their business. The technology transfer tie-up that we had announced with Comiflex SRL of Italy during DRUPA 2016 bore its first fruit as we developed and launched the first Gearless C.I. Flexo Printing Press in the month of March. Uflexo Elisa as we have chosen to call it is an 8 colour central impression gearless flexo printing machine with an additional station for special purpose registered coating applications. The first machine has been installed at our converting plant. More machines are being manufactured to order. ASEPTO is gaining a firm toe-hold in India. Given its startling aesthetics and superior pack functionalities, the excitement for the product is building up both in India and Overseas. The journey for ASEPTO hereon will be truly stellar.”
“In a big move, the Indian Government recently notified the Plastic Waste Management (Amendment) Rules, 2018 acknowledging the merits of multi-layered flexible packaging. This is a very encouraging development that ushers us all into a whole new era of reinvigorated collaboration fostering partnerships and embracing genuine concern for a triple bottom line approach covering environmental, economic and social aspects. Your Company will keep innovating throughout this financial year and beyond in the most socio-environmentally responsible manner. Let’s march forward to a successful FY 2018-19,” concluded Mr. Ashok Chaturvedi. (ANI-NewsVoir)
This is published unedited from the ANI feed.